Bitcoin price targets $120K as Amazon shareholders file petition to invest $88B in BTC

BTC Price Analysis: 

Bitcoin price opened trading at $101,146 on Monday, its highest opening price in history. Recent market reports show that Amazon shareholders have petitioned the Board of Directors to add BTC to the companies’ treasury. Is BTC price on the verge of another major breakout in the week ahead.

Amazon Shareholders petition Board to buy Bitcoin with $88B liquid cash assets  

The meteoric success of the MicroStrategy’s famed Bitcoin strategy, and enhanced legitimacy by Trump’s incoming administration has triggered increased demand for BTC among US corporate entities. Amazon (AMZN) has become the latest US publicly-traded company, moving to add BTC to its balance sheet.

In a recent post on X prominent Bitcoin Treasuries journalist, Tim Kotzman revealed that Amazon shareholders petitioned the board to consider adding Bitcoin to the company’s treasury at the 2025 shareholders meeting held on December 6.

According to the Shareholder’s supporting document, Amazon has $585 billion in total assets, $88 billion of which is cash, cash equivalents and marketable securities, including US government bonds, foreign government bonds and corporate bonds.

Since cash is consistently being debased and bond yields are lower than the true ination rate, Amazon isn’t adequately protecting billions of dollars of shareholder value simply by holding these assets.

Amazon should – and perhaps has a fiduciary duty to – consider adding assets to its treasury that appreciate more than bonds, even if those assets are more volatile short-term.

Excerpts from Amazon Shareholder’s meeting – December 6 2024

Why is Amazon Buying Bitcoin? 

Amazon shareholders emphasized MicroStrategy’s success and the growing momentum behind Bitcoin adoption as compelling reasons for the United States Treasury to consider adding the cryptocurrency to its reserves.

According to the supporting statement, Bitcoin’s price has surged 131% over the past year, outperforming corporate bonds, which rose by an average of 126%. Over the last five years, Bitcoin has skyrocketed by 1,246%, far surpassing the average 1,242% returns of corporate bonds during the same period.

The shareholders also added that MicroStrategy, a pioneer in holding Bitcoin on its balance sheet, has seen its stock outperform Amazon by 537% over the past year. It is not alone in embracing Bitcoin. Major companies such as Tesla (TSLA) and Block have incorporated the cryptocurrency into their balance sheets, signaling increasing corporate adoption.

Additionally, Amazon’s key institutional investors, BlackRock and Fidelity, now offer clients access to Bitcoin ETFs.

Meanwhile, speculation is growing that the U.S. government may establish a Bitcoin strategic reserve as early as 2025, marking a significant factor that could potentially sway the Amazon board towards adopting the Bitcoin purchase strategy.

Bitcoin price forecast: Multiple bullish indicators signals $120K breakout ahead

Bitcoin price has opened trading above the $100,000 mark for the first time in history on December 9, with key technical indicators signalling potential breakout to $120,000.

The Donchian Channels (DC) indicate that Bitcoin is maintaining its position near the upper channel boundary of $101,215. This reflects sustained buying pressure, a sign of bullish market sentiment. If Bitcoin decisively breaks above $104,088, it could trigger further upward momentum.

The Bull and Bear Power (BBP) indicator shows consistent green bars, highlighting growing bullish strength. With values exceeding 4,293.33, this confirms dominance by buyers in the market. A continuation of this trend could validate further gains, pushing Bitcoin to new highs.

On the downside, key support levels to monitor include $97,294, which coincides with the DC midline, offering a solid base in case of a pullback. Further down, the $90,500 level acts as a critical support zone.